New York [US], June 7: Netflix (NFLX.O), opens new tab appointed lead independent director Jay Hoag as chairman of its board, succeeding Reed Hastings, who stepped down from the board of the streaming service he co-founded nearly three decades ago.
The streaming platform announced the move in an SEC filing on Friday, saying Hoag assumed the role following its annual shareholders meeting on June 4.
Netflix said in April that Hastings is quitting the company in order to focus on his philanthropy and other pursuits.
Hastings transformed Netflix from a DVDs-by-mail business a global streaming goliath that revolutionized the distribution of movies and television series.
Hoag co-founded Technology Crossover Ventures, a leading venture capital firm which has been an investor in Netflix for many years.
Hoag has served on Netflix's board since 1999 and was the lead independent director for more than a decade.
He currently serves on the boards of Zillow Group (ZG.O), opens new tab and Peloton Interactive (PTON.O)
Source: Fijian Broadcasting Corporation